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Morning Commentary: Aspen tops par; Allstate preferreds weaker; Qwest $25-pars active
By James McCandless
San Antonio, Aug. 7 – Wednesday’s start in the preferred market saw wide negativity in reaction to global interest rate cuts with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.27%.
Leading the secondary, Aspen Insurance Holdings Ltd.’s new $250 million 5.625% non-cumulative preferred shares were seen trading above par early.
The preferreds, trading under the temporary symbol “AHLNF,” were trading at $25.05 on volume of about 1.2 million shares.
The deal priced on Tuesday.
Meanwhile, in the insurance space, Allstate Corp.’s recent 5.1% series H fixed-rate non-cumulative perpetual preferred stock and its established 6.625% series E fixed-rate non-cumulative perpetual preferreds were both weaker at the start.
The series H preferreds, trading under the temporary symbol “ALLZL,” were losing 12 cents to $25.15 with about 127,000 shares trading.
The series E preferreds (NYSE: ALLPrE) were down 3 cents to $25.29 with about 70,000 shares trading.
In communications, Qwest Corp.’s 6.5% notes due 2056 were relatively active but rigid early in the session.
The notes (NYSE: CTBB) were level at $24.20 on volume of about 102,000 notes.
Real estate investment trust Annaly Capital Management, Inc.’s 6.75% series I fixed-to-floating rate cumulative redeemable preferreds were falling.
The preferreds (NYSE: NLYPrI) were declining by 27 cents to $25.40 with about 83,000 shares trading.
Elsewhere, in finance, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds followed the morning’s downward trend.
The preferreds (NYSE: WFCPrQ) were off 12 cents to $26.26 on volume of about 39,000 shares.
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